[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[UCMCPA]

No. If you have the same student, they can only use if for the AOC or LL, however, I would always pick the AOC because it was refundable (not sure if it is in 2013)

Also for AMT purposes… Becker says in 2012 the AMT exemption is 33,750 for single, but yet the IRS says it was 50,600. Why such a huge difference?

https://www.irs.gov/uac/Newsroom/Annual-Inflation-Adjustments-for-2013

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Skrier]

Wash sale example…

Green sold 500 shares of xyz corp at $20 per share. Green purchased the stock 2 years earlier at $22 per share. Three weeks subsequent to the sale Green purchased $100 shares of xyz at $18 per share. What is gain or loss on sale…..

I am not even sure where to begin with this……

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

Wash sale example…

Green sold 500 shares of xyz corp at $20 per share. Green purchased the stock 2 years earlier at $22 per share. Three weeks subsequent to the sale Green purchased $100 shares of xyz at $18 per share. What is gain or loss on sale…..

I am not even sure where to begin with this……

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@Journhi….thank you for the example, I will try to use this to solve the example I posted.

On second thought I'm still lost 🙁

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@Journhi….thank you for the example, I will try to use this to solve the example I posted.

On second thought I'm still lost 🙁

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[UCMCPA]

Skrier.. Using your example..

Green sold the shares for (500×20) 10,000 proceeds – (500×22) 11,000 = 1,000 loss.

Wash sale rules apply 30 days before AND after the sale, so a 61 day window when you include the day of the sale.

21 days after he buys 100 shares, the 100 is important here.. it's 1/5 of the original.

So 100 x 18 = 1,800 basis in shares

PLUS portion of disallowed (1/5)*1,000 = 200.

1,800 + 200 disallowed loss = 2,000 basis to NEW shares

800 of the loss WOULD be allowed.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

Skrier.. Using your example..

Green sold the shares for (500×20) 10,000 proceeds – (500×22) 11,000 = 1,000 loss.

Wash sale rules apply 30 days before AND after the sale, so a 61 day window when you include the day of the sale.

21 days after he buys 100 shares, the 100 is important here.. it's 1/5 of the original.

So 100 x 18 = 1,800 basis in shares

PLUS portion of disallowed (1/5)*1,000 = 200.

1,800 + 200 disallowed loss = 2,000 basis to NEW shares

800 of the loss WOULD be allowed.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[jpowell31]

wowwww…just reading mine.. I do feel silly, even if I doubt I would've realistically thought that way on the exam. See, that helps it STICK and at least I won't be taking that extra time to think – wait….let me get this straight…if it came up! Thanks!

[jpowell31]

wowwww…just reading mine.. I do feel silly, even if I doubt I would've realistically thought that way on the exam. See, that helps it STICK and at least I won't be taking that extra time to think – wait….let me get this straight…if it came up! Thanks!

[Skrier]

@UCMCPA…..Thank you…I think I got it now…no guarantees, but I think it makes sense now.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Skrier]

@UCMCPA…..Thank you…I think I got it now…no guarantees, but I think it makes sense now.

AUD- 84
FAR- 75
REG- 78...I am DONE!!!
BEC- 79

[Journhi]

I'm having trouble with Corp contribution…specifically the basis recognized by the S/H and Corp when cash and property contribution is less than 80%.

It's suppose to be:

SH= basis of property + gain realized -Boot received

Corp = Basis of property + gain recognized by the S/H

Does anyone have a good practice question for this?

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Journhi]

I'm having trouble with Corp contribution…specifically the basis recognized by the S/H and Corp when cash and property contribution is less than 80%.

It's suppose to be:

SH= basis of property + gain realized -Boot received

Corp = Basis of property + gain recognized by the S/H

Does anyone have a good practice question for this?

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Journhi]

@skrier also, The holding period of the replacement stock includes the holding period of the wash sale stock.

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Journhi]

@skrier also, The holding period of the replacement stock includes the holding period of the wash sale stock.

FAR: 62;79
AUD: 76
REG:67; 77
BEC: 68;66; 12/05/13

[Author]

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